SolarCity reported $114 Million in Q3 2015 Earnings, beating analyst $111 million forecast

SolarCity beats expectations reporting $114 million increase in revenue in the third quarter of this year, while analysts only expected $111 million.

According to a published report on Tech Crunch, the figure is a 95.2 percent year-over-year rise, beating analysts' estimations by $2.43 million. The company said the increase is due to a boost in installations and high system performance in their traditionally strong third quarter.

However, SolarCity didn't hit its third quarter EPS of -$2.41 by $0.46. This figure is calculated before non-controlling interest, as well as redeemable non-controlling interests. After Q3 earnings were announced, the company's share started going on a downward curve with some points going as low as 18 percent lower at $31.26.

Profit Confidential also reported that SolarCity's losses beat analysts' expectations going down farther the negative side. The company announced a $2.10 loss per share for $113 million in revenue. This definitely didn't impress the stockholders, who are more worried with the company's fourth quarter outlook and beyond.

PV Magazine Global writes that for the past few years, SolarCity has experienced very strong growth. It almost doubles its installations annually. Just in the third quarter of this year, the company installed about 256 MW of solar PV and reserved 345 MW in American households. This is an 86 percent and 50 percent year-on-year increase respectively. This only shows that SolarCity is going for installed solar. The company even announced a new strategy to only grow by 40 percent annually and lower costs to get to a positive cash flow before the end of 2016.

Meanwhile, the company has released a statement that writes, "Rising retail electricity prices, coupled with inelastic demand, has created a significant and growing market opportunity for cleaner, cheaper energy."

Elon Musk, the firm that owns the most shares of SolarCity, lost about $164.3 million. According to Google Finance, the American provider of energy services, SolarCity, is now worth approximately $3.43 billion.